{"id":222,"date":"2022-02-24T12:58:10","date_gmt":"2022-02-24T07:28:10","guid":{"rendered":"https:\/\/www.toolyt.com\/blog\/?p=222"},"modified":"2023-09-18T16:40:50","modified_gmt":"2023-09-18T11:10:50","slug":"sales-automation-tools-helping-evolve-nbfc-customer-onboarding","status":"publish","type":"post","link":"https:\/\/toolyt.com\/blog\/customer-onboarding\/sales-automation-tools-helping-evolve-nbfc-customer-onboarding\/","title":{"rendered":"Sales Automation Tools Helping Evolve NBFC Customer Onboarding"},"content":{"rendered":"\n<p>The ever-growing surge and&nbsp;competition&nbsp;in the&nbsp;NBFC&nbsp;sector&nbsp;had paved a&nbsp;way&nbsp;for&nbsp;technology&nbsp;to&nbsp;perform&nbsp;a crucial role in onboarding customers.&nbsp;Picking up the gradual recovery activity from the&nbsp;COVID-19&nbsp;pandemic,&nbsp;<a href=\"https:\/\/www.toolyt.com\/lending-leadmanagement-crm\">NBFC<\/a>&nbsp;has made great strides in lending through digital mode.&nbsp;One of the prime reasons for making such a stride is the implementation of sales automation tools.<\/p>\n\n\n\n<p>The&nbsp;aim&nbsp;of catering to low-income citizens and&nbsp;adopting&nbsp;the&nbsp;new&nbsp;business model of&nbsp;the <strong>digital transformation<\/strong>&nbsp;has completely&nbsp;transformed&nbsp;the&nbsp;NBFC&nbsp;sector.&nbsp;As the&nbsp;customer&nbsp;has become tech-savvy and the&nbsp;demands&nbsp;have&nbsp;increased, the&nbsp;Non-banking&nbsp;financial institutions&nbsp;had&nbsp;to&nbsp;seek&nbsp;other&nbsp;ways.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><u>Customer Onboarding Before The Implementation Of Sales Automation Tool<\/u><\/h2>\n\n\n\n<p>Oftentimes&nbsp;we&nbsp;hear&nbsp;many&nbsp;sales&nbsp;managers crying out&nbsp;about&nbsp;the&nbsp;status&nbsp;of the&nbsp;leads,&nbsp;worrying&nbsp;about&nbsp;the customer onboarding&nbsp;duration, and&nbsp;many&nbsp;more&nbsp;things.&nbsp;But it\u2019s&nbsp;always&nbsp;about&nbsp;how they can&nbsp;reduce&nbsp;the&nbsp;time&nbsp;of customer onboarding to get maximum conversion.&nbsp;Not having the&nbsp;sales&nbsp;automation tool&nbsp;makes&nbsp;sales&nbsp;reps&nbsp;daily&nbsp;activities quite challenging and daunting.&nbsp;For&nbsp;sales&nbsp;reps, the&nbsp;challenge&nbsp;is there are so many other things&nbsp;they&nbsp;have&nbsp;to do beside<strong>s selling,&nbsp;such as&nbsp;providing&nbsp;service, handling complaints, attending meetings, and creating reports<\/strong>.&nbsp;They&nbsp;had been&nbsp;using&nbsp;traditional methods like spreadsheets and&nbsp;diaries&nbsp;for the&nbsp;sales&nbsp;process.<\/p>\n\n\n\n<p>Sales&nbsp;reps&nbsp;have&nbsp;a hard time&nbsp;determining&nbsp;the&nbsp;potential&nbsp;of a&nbsp;lead&nbsp;because&nbsp;they&#8217;re unaware of their&nbsp;customers&#8217; real-time status.&nbsp;Even&nbsp;after&nbsp;collecting&nbsp;all the&nbsp;documents&nbsp;and&nbsp;going&nbsp;through&nbsp;them back and forth,&nbsp;they&nbsp;can&nbsp;only&nbsp;determine&nbsp;the customer status&nbsp;after&nbsp;document&nbsp;verification&nbsp;and&nbsp;cibil&nbsp;report.&nbsp;And if the&nbsp;cibil&nbsp;report is not&nbsp;matching&nbsp;the&nbsp;criteria&nbsp;or the&nbsp;documents, all the&nbsp;efforts&nbsp;and&nbsp;time&nbsp;put into the&nbsp;conversion&nbsp;is of no use.&nbsp;That\u2019s why usually&nbsp;NBFC&nbsp;customer onboarding&nbsp;takes&nbsp;a long time to&nbsp;implement.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><u>Hindering Productivity<\/u><\/h4>\n\n\n\n<p>Due to a lack of data, there was no clarity on the time taken to onboard the customers. There were little integration and coordination across the departments. Thus, it was affecting the workflow and the whole sales process. The duration of the disbursement of loans was much slower and which also affected the<strong> TAT<\/strong> <strong>(Turn Around Time)<\/strong> of NBFC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><u>Customer Onboarding After The Implementation Of Sales Automation Tool<\/u><\/h2>\n\n\n\n<p>As technology gradually improved and the coming up of automation tools, a lot has been changed for the NBFC sector. With the help of a sales automation tool, customer onboarding has become much simpler and faster for these non-bank financial institutions. Moreover now, sales automation relieves sales professionals of the requirement to spend a significant amount of time managing repetitive, administrative tasks and data entry. This led to significant improvement in the customer onboarding time. Automated allocation of leads and <strong>KPI-based actionable insights<\/strong> gives sales reps an added advantage that they didn\u2019t enjoy before the implementation of automation tools. As sales agents have to travel across different regions, Mobile Sales CRM plays a vital role in managing everything. Sales Agents are able to capture customer details while on the move without human intervention.<\/p>\n\n\n\n<p>With the help of a sales automation tool, sales reps can know the cibil report of the potential prospects to finalize the leads that are either <strong>hot or cold<\/strong>. Not only does it guide the sales reps to know which leads can be converted into customers but also save their valuable time in the sales process. The ability to check the cibil report through the automation tool gives the real-time status of the leads. <\/p>\n\n\n\n<p><strong>Reduction in TAT<\/strong> has also been an indicator of how productivity massively has increased the whole sales process. From the day of collecting documents to disbursing loans, the sales automation tool has increased the sales process <strong>2.5 times<\/strong> faster than the traditional NBFC process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><u>Toolyt To The Rescue <\/u><\/h3>\n\n\n\n<p><a href=\"http:\/\/toolyt.com\/\">Toolyt<\/a>, as leaders in Automated SalesForce Solutions, can make your sales process easy and seamless. The CRM software can automate the sales tasks as per your company and industry requirements. It guides you through the entire sales process. Toolyt tracks and transcribes your relationships with customers and competitors. Hence, this user-friendly mobile app is always with you when you need it most.<\/p>\n\n\n\n<p>It is an extension of the CRM system suitable for any industry. With an immense track record of providing services for NBFCs, Toolyt has been driving success as Mobile CRM. <\/p>\n\n\n\n<p><br><br>Schedule a&nbsp;<a href=\"https:\/\/www.toolyt.com\/schedule-demo\" target=\"_blank\" rel=\"noreferrer noopener\">demo<\/a>&nbsp;now!<\/p>\n<div class=\"tooly-after-content\" id=\"tooly-798822587\"><div id=\"cbox-BpCoEwluYPqMsRSH\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>The ever-growing surge and&nbsp;competition&nbsp;in the&nbsp;NBFC&nbsp;sector&nbsp;had paved a&nbsp;way&nbsp;for&nbsp;technology&nbsp;to&nbsp;perform&nbsp;a crucial role in onboarding customers.&nbsp;Picking up the gradual recovery activity from the&nbsp;COVID-19&nbsp;pandemic,&nbsp;NBFC&nbsp;has made great strides in lending through digital mode.&nbsp;One of the prime reasons for making such a stride is the implementation of sales automation tools. The&nbsp;aim&nbsp;of catering to low-income citizens and&nbsp;adopting&nbsp;the&nbsp;new&nbsp;business model of&nbsp;the digital transformation&nbsp;has completely&nbsp;transformed&nbsp;the&nbsp;NBFC&nbsp;sector.&nbsp;As the&nbsp;customer&nbsp;has [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":280,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cos_headline_score":0,"cos_seo_score":0,"cos_headline_text":"Sales Automation Tools Helping Evolve NBFC Customer Onboarding","cos_headline_has_been_analyzed":false,"cos_last_analyzed_headline":[],"footnotes":""},"categories":[13],"tags":[67,19,16],"class_list":["post-222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-customer-onboarding","tag-mobile-crm","tag-nbfc","tag-sales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sales Automation Tools Helping Evolve NBFC Customer Onboarding - 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